Pharmaceutical Company Also Raises Full-Year Outlook

ZURICH—Novartis AG cut its pay for former Chairman Daniel Vasella, after his initial $77 million exit package provoked resentment across Switzerland.

The Basel-based company said it would pay Dr. Vasella a package of 2.7 million Swiss francs ($2.87 million) in cash, in addition to shares worth approximately 2.2 million francs as compensation for transitional services through Oct. 31. Also, he will be paid a minimum of $250,000 a year...